Financial institutions dominant in the villages have seen queries for opening banking kiosks surge fivefold since the lockdown began. Industry players attributed the requests to reverse migration trends. Enquiries from retail and travel agent shops in rural localities have also seen a marked increase in queries.
MUMBAI: Financial inclusion is increasingly getting a rural flavor – and opening up new business windows even as some others are shuttered. With the hard-hatted workforce leaving congested cities and heading back to their upcountry homes, banking correspondence (BC) is emerging as a lucrative option for many rural traders.
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Hence, financial institutions dominant in the villages have seen queries for opening banking kiosks surge fivefold since the lockdown began.
“Earlier, we used to get 300 leads per day to open banking outlets; now we are getting about 800. Basically, these are people who have realised that banking is crisis proof and, especially, the young are opting to open banking kiosks,” said Rishi Gupta, MD, Fino Payments Bank.
Source: Economic Times